The numerical value of the principal in rupees is 50 times the numerical value of the rate of simple interest per annum. If amount in 2 years becomes Rs 4,704, what is the rate of interest per annum?
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Answer:
Principal = Rs. 9800
Simple interest = Rs. 4704
Time = 6 years
Formula used:
Simple interest (SI) = Principal (P) × Rate (r) × Time (T)/100
SI = P.R.T/100
Where, T is in years
Calculation:
4704 = 9800 × R × 6/100
⇒ R = 4704/588
∴ R = 8%
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